Leveraged Funds Turn Bearish on Nasdaq-100 as Short Bets Hit $75 Billion

Leveraged funds are becoming increasingly bearish on U.S. technology stocks, with short positions in Nasdaq-100 futures climbing to about $75 billion, according to Commodity Futures Trading Commission (CFTC) data collated by The Kobeissi Letter, which was highlighted in a post on X.

Short exposure has more than doubled since February and is now close to its highest level in at least four years. The surge suggests leveraged traders are positioning for further weakness in the technology-heavy index.

Long Positions Slide to Multi-Year Low

The bearish shift is also visible on the long side. Leveraged funds’ long positions in Nasdaq-100 futures have fallen to roughly $18 billion, their lowest level since mid-2025.

The divergence between short and long exposure has pushed net positioning to approximately -$57 billion, near its most negative level since at least 2022.

The latest positioning marks a dramatic reversal from November 2025, when leveraged funds held a positive net position in Nasdaq-100 futures.

The CFTC data also shows the growing imbalance. For the week ended Sept. 1, leveraged funds held 55,361 long Nasdaq Mini contracts versus 69,453 short contracts, underscoring the bearish tilt.

The shift comes as technology stocks contend with a less supportive macro backdrop. Rising oil prices and higher Treasury yields are reviving concerns over inflation and interest rates, factors that can weigh particularly heavily on high-growth technology stocks.

What It Means For Tech ETFs

The positioning shift could add to volatility across technology-focused ETFs if the Nasdaq-100 comes under further pressure. Funds tracking the index, including Invesco QQQ Trust (NASDAQ:QQQ), could face greater swings as leveraged traders increase bearish exposure.

However, futures positioning is not a direct forecast of market direction. Leveraged funds also use futures for hedging and tactical strategies.

Still, with short exposure near four-year highs and long positioning falling sharply, the message from leveraged traders is clear. The bullish conviction that dominated late 2025 has given way to one of the most bearish Nasdaq-100 positioning setups in years.

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